We are now on core IFRS content.
What is India’s view on IFRS:https://faoblog.com/ifrs/ifrs-ind-overview/
What are various transitional provisions: https://faoblog.com/ifrs/ifrs-transitional-provisions/
My apologies could not come up with a post on Thursday and Saturday last week. Was stuck with year end closures.
Let’s talk about reports. I am presuming, you have identified what data you will capture and how. Oh, I did not talk about the “how”. So let me cover this today. Data capture is quite often a very tricky thing, a big stumbling block. A number of organizations have by now come up with workflow systems. But still a large number of new processes start with excel files. A template is built, in which people are manually asked to capture the critical data fields, with the time to process. The fundamental reason why this does work in the short run and not in the long run are the people. It’s human nature to protect oneself. The processors and even process leads will try to cover if something went wrong. There will always be one smart guy who will try to extract extra personal time for himself. A manual capture is not really a good approach.
So the next step is to work with the “EXCEL Macros” guy to build controls in the excel file.
This will continue in the next post.